Adani Enterprises underperforms in run-up to FPO; slips 14% in last 1 month

Adani Enterprises is planning to launch its Rs 20,000-crore follow-on public offer (FPO) before the Union Budget on February 1

Shares of Adani Enterprises were nearly 2 per cent lower at Rs 3,577.50 on the BSE in Wednesday’s firm intra-day trade. In comparison, the S&P BSE Sensex was up 0.32 per cent at 60,847 at 10:29 AM.

In the past one month, the stock price of Adani Group’s flagship company has declined 14 per cent ahead of its follow-on public offer (FPO), through which it aims to raise up to Rs 20,000 crore.

The stock had hit a record high of Rs 4,189.55 on December 21, 2022. In comparison, the S&P BSE Sensex was down less than 1